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Recap: U.K. Regulators Face Lawmakers

Bank of England Governor Mervyn King and his deputy Paul Tucker have appeared before the U.K. Government’s Treasury Select Committee to give evidence on the BoE’s June 2012 Financial Stability Report.

However, the pair were quizzed about their involvement in the Libor affair as lawmakers and regulators ramp up their probes into allegations that Barclays along with several other global banks rigged Libor rates over a period between 2005 and 2009 in an attempt to disguise high funding costs during the financial crisis.

Mr. Tucker had already given evidence about the Libor matter as part of the Committee’s investigation into dealings at Barclays. For Mr. King this was the first time he had been questioned about Libor since Barclays recently became embroiled in the affair.

Messrs King and Tucker appeared together with Adair Turner, Executive Chairman of the Financial Services Authority. Marietta Cauchi and other reporters live-blogged the hearing.